(This article appears courtesy of International Financial Law Review, sign up for a free trial here) The attractiveness of equity markets in 2006 has resulted in increased interest in pre-IPO convertible bond structures in Europe. This asset class has hitherto been more common in the higher growth economies of Asia, but landmark transactions such as that by Angara Mining plc (the first UK company to issue a pre-IPO convertible bond in the public markets) suggest that pre-IPO convertible bonds are now a realistic alternative for European companies in need of growth capital.
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